Poolman: July 21st Hailstorm in Bismarck and Hettinger to Exceed $100 million in Damage Posted on 8/10/2005
FOR IMMEDIATE RELEASE
Contact: Cecily Fong
August 10, 2005
701-328-2440
Bismarck, ND - North Dakota Insurance Commissioner Jim Poolman today announced that the severe hailstorm that ripped through the Bismarck and Hettinger areas late last month caused in excess of $100 million in damage to insured property.
As of Wednesday, reports to Poolman from several major insurance carriers who write a majority of the auto, homeowners, and farm/ranch insurance market in North Dakota confirmed that they have received over 20,000 claims. Poolman said that these numbers could increase as claims procedures are wrapped up.
"Companies have been quick to respond with catastrophic claims teams that are evaluating damage to property and autos. Many companies report that they have made significant progress in assessing damage and completing the claims process," Poolman said.
Poolman added, "Most companies are probably pretty well done processing auto claims, but homeowners claims are another story because the evaluation requires an on-site inspection." Most companies reported that most claims processing would be completed by the end of August.
The estimate of damage takes into account claims from farms, ranches, homes, mobile homes, autos, other personal property, and some commercial property. However, the total does not include damage to crops and is not a final aggregate number.
Individuals who have damage to property but have delayed reporting their loss should consider taking advantage of the fact that companies have geared up to process claims now.
Poolman said, "It's really important for people to be patient during this process. I will continue to work with companies to make sure that claims are settled quickly and fairly for those that have damage. I have encouraged companies to help those who have the most severe damage first."
Insurance consumers who have questions regarding the claims process or who are having any difficulty should call the Department's toll-free Consumer Hotline at 1-800-247-0560.
